Today's banking industry is in a state of flux. As the economic conditions continue to fluctuate, the banking and financial services industries are striving to remain profitable. Accordingly, banks and other financial institutions are shifting transactions and other services to the least costly channels. For instance, conducting a transaction at a bank teller is more costly to the bank or financial institution than conducting the transaction at an Automated Teller Machine (ATM). Accordingly, banks are attempting to provide increased functionality and ease of use at ATMs to encourage customers and other users to conduct transactions at ATMs rather than through more traditional channels.
One transaction that is often conducted at a teller rather than via ATM is check cashing. Many conventional ATMs require a user to have sufficient funds in an account (e.g., funds at least equaling the amount of the check) in order to deposit the check and withdraw the amount of funds associated with the check. Additionally or alternatively, most ATMs do not store bills of every denomination and/or coin. Accordingly, many conventional ATMs are not capable of cashing checks for amounts that include change or dollar amounts for which the ATM does not store bills of appropriate denominations. Retrofitting ATMs to store bills of all denominations and/or coins may be extremely costly and inefficient. Accordingly, a system and method of providing check cashing capability without storing bills of all denominations and coins would be advantageous.